Saudi Aramco became the second company ever to reach a $2 trillion market capitalization.
The Saudi Arabian Oil Company briefly passed the $2 trillion mark in October 2021 after its share price rose on the Saudi Exchange. Apple had been the first company to reach that valuation, doing so in 2020.
Saudi Aramco is majority owned by the government of Saudi Arabia and is one of the world’s largest integrated energy companies. Its operations include crude-oil production, refining, petrochemicals, shipping, and marketing. The company’s enormous reserves and production capacity make it central to Saudi Arabia’s economy.
Saudi Aramco became publicly traded in 2019 through a record-setting initial public offering on the Tadawul. Because its shares are listed in Saudi Arabia and the government retains most ownership, its freely traded share count is smaller than its total share count.